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PSR Recommendation: ACCUMULATE Status: Upgraded
Last Close Price: 15.39Target Price: 16.80
FY25 results were within expectations. Revenue/PATMI were 101%/99% of our FY25e forecast. 2H25 PAMI declined 6% YoY to S$114mn, dragged down by a similar 6% fall in revenue. The pace of contraction in 4Q25 revenue was slower at 3% YoY. FY25 dividend of 80 cents was 5 cents higher due to the interim special announced earlier.
- Venture&rsquo s guidance reflected a more positive trajectory. There were more identifiable product initiatives to accelerate the growth momentum into 2026. The areas of growth were consumer lifestyle, semiconductors and network equipment in data centres.
- We upgrade the recommendation to ACCUMULATE from NEUTRAL. We inch up our FY26e PATMI by 3% to S$256mn. The target price is raised to S$16.80 (prev. S$13.00). Our target PE ratio is increased to 19x from 15x, toward the higher quartile of the 5-year average. We expect earnings to recover in FY26. The major driver will be the new generation consumer lifestyle product launch in 2H26. down by 1% on account of lower interest rates and foreign exchange. Global rollout of data centres will benefit its networking, communications, instrumentation and semiconductor divisions. The dividend yield of 5.1% (or S$230mn payout) is backed by free cash flows of S$200-300mn p.a. and net cash balance sheet of S$1.28bn.
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Broker Name: CGS International Securities
Date of Report: March 2, 2026
Excerpt from CGS International Securities report.
Report Summary
- Venture Corporation&rsquo s FY25 net profit fell 7.4% YoY to S\$227m, with revenue impacted by softness in its Lifestyle Consumer technology domain and currency headwinds. Profit margin was stable at 9.0% due to effective cost management.
- The company remains in a strong net cash position (S\$1.3bn) and returned almost all FY25 earnings via dividends. Management is optimistic about FY26 revenue growth, driven by data centre demand and deeper customer collaborations, and is exploring ways to improve shareholder returns.
- Venture was upgraded to &ldquo Add&rdquo with a target price of S\$17.04, on expectations of a P/E re-rating supported by Singapore&rsquo s EQDP initiative and potential new product launches and customer diversification. Downside risks include supply chain disruptions and a weaker global economy.
- Peer comparison shows Venture offers a competitive dividend yield and stable ROE. ESG review notes a C+ combined score, with transparency and energy efficiency efforts, but highlights customer concentration and e-cigarette exposure as risks.
Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website : https://www.cgsi.com.sg
What a joke!
tongphlp ( Date: 02-Mar-2026 10:49) Posted:
only weapon Venture has is SBB...which is also hopeless against all the big sellers
| Date of Purchase |
27/02/2026 |
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| Total Number of shares purchased |
150,700 |
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| Number of shares cancelled |
150,700 |
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| Number of shares held as treasury shares |
0 |
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| Price Paid per share |
| Price Paid per share |
SGD 15.75 |
| Total Consideration (including stamp duties, clearing changes etc) paid or payable for the shares |
SGD 2,376,916.27 |
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tongphlp ( Date: 27-Feb-2026 13:18) Posted:
whether overdone I am not sure but investors are showing Wong Ngit Liong he can be easily defeated in no time.
Whatever share buy back or strong balance sheet is useless! |
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can see that the institutions want the price to go up...
wehuattogether88 ( Date: 02-Mar-2026 20:49) Posted:
I totally agreed
Sgvale ( Date: 02-Mar-2026 15:48) Posted:
| There is strong hand behind supporting in time like this |
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only weapon Venture has is SBB...which is also hopeless against all the big sellers
| Date of Purchase |
27/02/2026 |
|
| Total Number of shares purchased |
150,700 |
|
| Number of shares cancelled |
150,700 |
|
| Number of shares held as treasury shares |
0 |
|
|
| Price Paid per share |
| Price Paid per share |
SGD 15.75 |
| Total Consideration (including stamp duties, clearing changes etc) paid or payable for the shares |
SGD 2,376,916.27 |
|
tongphlp ( Date: 27-Feb-2026 13:18) Posted:
whether overdone I am not sure but investors are showing Wong Ngit Liong he can be easily defeated in no time.
Whatever share buy back or strong balance sheet is useless! |
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some rumours that CEO would be history soon as performance not met...
Fiat500 ( Date: 27-Feb-2026 13:12) Posted:
Venture still making good profits actually n giving out good dividends..But market want to see increased in profits compared to 2024. Same scenario for STE n SCI.
tongphlp ( Date: 27-Feb-2026 11:48) Posted:
not really bad news as the writing has been on the wall...softer demand, fewer customers, tariifs and all...institutions just gave up on this stock..and it is up to them to push up or depress the price
selling like fire sale and there' s no tomorrow..
easily manipulated same like other stocks..rotational pla |
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whether overdone I am not sure but investors are showing Wong Ngit Liong he can be easily defeated in no time.
Whatever share buy back or strong balance sheet is useless!
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venture has always been like that - declare dividend 10c, fall $1
worth it or not? let the price do the talking
Fiat500 ( Date: 21-Feb-2025 17:51) Posted:
OMG..Poor results again but @ least still profitable! No improvement of dividends also, i forsee coming Mon the stock will drop another 20ct - 30ct... (
spursfan ( Date: 21-Feb-2025 17:22) Posted:
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were the coffeshop uncles drinking whiskey, wine or beer? or coffee.....:)
aragosta ( Date: 27-Feb-2026 12:41) Posted:
In mid January when I started this AI journey , price of AEM was only around 1.70..... some bro hope that it would reach 2 soon..../ this was the gangsters response.... I hope he didn' t throw when AEM hit the miserable 2....... as I wrote in one post, the coffee shops uncleshave been shouting no $8 no sell..... I wonder what they really meam......hope they were not drunk ......
aragosta ( Date: 21-Jan-2026 12:13) Posted:
| Trust me, two is a waste of time and human effort..... the mid term target is fou ..... the powers may be k in collaboration with the underground black market people in fact is aiming for much higher..... by end of the year , when the Broadcom and Micron (actually no more a secret) money numbers start rolling in, you can see for yourself the potential growth of the immediate future, no need to see too distant..... heard, heard only, AEM , may be in consideration in the plans of Temasek restructuring..... April is just round the corner, if the price keeps rallying, we may see some real tangible restructuring of the company itself, without or without the involvement in Temasek mega development...... boy, aren' t the gangsters' imagination on such matter beyond unbelievable!?? Dyoddddd anyway...... |
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agree?
tongphlp ( Date: 25-Mar-2025 16:33) Posted:
yup. this is not only a hopeless stock, but super hopeless
vote the board out!
LoudShout ( Date: 06-Mar-2025 09:59) Posted:
| Accelerated Share Buy Back? More accelerated share price decline... |
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not really bad news as the writing has been on the wall...softer demand, fewer customers, tariifs and all...institutions just gave up on this stock..and it is up to them to push up or depress the price
selling like fire sale and there' s no tomorrow..
easily manipulated same like other stocks..rotational play
Fiat500 ( Date: 27-Feb-2026 11:35) Posted:
| It was so difficult to climb up to close to $17 range..All u need is a bad news to tumble it! |
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Venture Corporation Ltd (V03) is trading at S$15.81, reflecting a sharp -6.45% decline today following its full-year 2025 earnings report. Despite the immediate price drop, analysts generally maintain a Hold consensus, citing the company' s strong net-cash position and attractive dividend yield.
Curious - why analyst maintain HOLD and not SELL!
So, who' s selling then.....
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wong nl should take the rap for the poor results...time for a change! voters, let' s show them a change is necessary for a new team to lead and make ventutre great again..
Fiat500 ( Date: 26-Feb-2026 19:34) Posted:
Will drop tomorrow I'm pretty sure...
tongphlp ( Date: 26-Feb-2026 19:26) Posted:
good or bad? leave it to the market to decide..
Key FY2025 Results & Highlights
- Full-Year Revenue: S$2.53 billion, down 7.4% year-on-year.
- Full-Year Net Profit: S$227 million, down 7.4% year-on-year.
- H2 2025 Results: Net profit of S$114 million, a 6.1% decrease year-on-year.
- 4Q 2025 Performance: Net profit grew 5.1% sequentially (quarter-on-quarter) to S$58.4 million, showing signs of recovery, particularly in test and measurement instrumentation, and networking/communications.
- Dividend: Total dividend for FY2025 is S$0.80 per share (50 cents final + 25 cents interim + 5 cents special), a 6.7% increase from FY2024.
- Cash Position: Strong balance sheet with S$1.28 billion in net cash as of December 31, 2025.
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Venture Corporation Adds Independent Director to Remuneration Committee
- Venture Corporation appointed Ms Chong Siak Ching to its Remuneration Committee, effective 26 February 2026.
- The refreshed committee composition strengthens independent oversight of executive remuneration and board governance at Venture.
-
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not $10? :)
treetops ( Date: 26-Feb-2026 16:54) Posted:
| Looking forward to hit $3 |
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time to sink...not shine..
Alignment ( Date: 15-Jan-2026 19:49) Posted:
| One of the best companies on STI index but underappreciated. Time now to shine. |
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sky has fallen
shk363 ( Date: 26-Feb-2026 20:42) Posted:
sell on news
Fiat500 ( Date: 26-Feb-2026 19:34) Posted:
| Will drop tomorrow I'm pretty sure.. |
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not too sure....companies like SBS transit reported a decline and share prices went up instead...
depends on institutional play....up or down, not for us to decide...
Fiat500 ( Date: 26-Feb-2026 19:34) Posted:
Will drop tomorrow I'm pretty sure...
tongphlp ( Date: 26-Feb-2026 19:26) Posted:
good or bad? leave it to the market to decide..
Key FY2025 Results & Highlights
- Full-Year Revenue: S$2.53 billion, down 7.4% year-on-year.
- Full-Year Net Profit: S$227 million, down 7.4% year-on-year.
- H2 2025 Results: Net profit of S$114 million, a 6.1% decrease year-on-year.
- 4Q 2025 Performance: Net profit grew 5.1% sequentially (quarter-on-quarter) to S$58.4 million, showing signs of recovery, particularly in test and measurement instrumentation, and networking/communications.
- Dividend: Total dividend for FY2025 is S$0.80 per share (50 cents final + 25 cents interim + 5 cents special), a 6.7% increase from FY2024.
- Cash Position: Strong balance sheet with S$1.28 billion in net cash as of December 31, 2025.
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good or bad? leave it to the market to decide..
Key FY2025 Results & Highlights
- Full-Year Revenue: S$2.53 billion, down 7.4% year-on-year.
- Full-Year Net Profit: S$227 million, down 7.4% year-on-year.
- H2 2025 Results: Net profit of S$114 million, a 6.1% decrease year-on-year.
- 4Q 2025 Performance: Net profit grew 5.1% sequentially (quarter-on-quarter) to S$58.4 million, showing signs of recovery, particularly in test and measurement instrumentation, and networking/communications.
- Dividend: Total dividend for FY2025 is S$0.80 per share (50 cents final + 25 cents interim + 5 cents special), a 6.7% increase from FY2024.
- Cash Position: Strong balance sheet with S$1.28 billion in net cash as of December 31, 2025.
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institutions at play.
retailers unable to move the price.
JurongW ( Date: 26-Feb-2026 16:26) Posted:
Surprising surge today despite the high valuation multiples. With EPS of 5.4 cents, the stock is trading at a P/E of 45× , which is rich by sector standards.
Net profit margin stands at 4.3%, well below its historical peak range of 15&ndash 19%. This margin compression highlights the gap between current fundamentals and past profitability levels.
I had considered buying shares after the results announcement to track how earning plays out. However, given the stretched multiples, I will wait for a price correction before entering.
aragosta ( Date: 26-Feb-2026 14:36) Posted:
If u want to play AEM, go for long term, and ignore the current fundamental data and figures... they' re irrelevant.......I say again....FOUR is not a joke! And we are talking about short term to mini mid term only..... same as UMS, FOUR is not playing a fool, next week will be its turn to shine, pity those who throw away their bonus shares.... literally throw away!!!
AEM' s Turnaround Story
When investors buy a stock like AEM Holdings despite a high P/E, low yield, and low NAV (trading well above book value), they are not looking at what the company is today, but what it will become tomorrow. They are discounting the present to price in a high-conviction growth story. They are trading current income for a structural turnaround centered on AI integration and the semiconductor industry' s cyclical recovery.
Why Investors Are Buying AEM (The " Turnaround Story" )
1. Forward Earnings Pivot
Investors ignore the Trailing P/E (past performance) and focus on the much power Forward P/E. They are betting that projected earnings for 2026/2027 will surge, making today' s " expensive" price a relative bargain.
2. Structural Turnaround
AEM is transitioning from a cyclical slump to a growth phase. The market rewards the inflection point ~ the moment a company proves the " worst is over" ~ more aggressively than the actual profit numbers themselves.
3. AI & HPC Revenue Ramp
AEM' s shift toward High-Performance Computing (HPC) and AI customers validates its technology. This provides a " pick and shovel" play for the AI boom, which carries a higher valuation premium than legacy business. Investors are betting that demand for their advanced testing equipment will skyrocket. (Please read below all my notes on AEM, which I took so much trouble to sneak out the middle of the night to steal from those coffee shops and mafia&rsquo s vaults)
4. Expansion into New Markets
The validation of AEM' s Memory Test capabilities opens a massive new revenue stream. Success in the Memory Test segment represents a massive expansion of the company' s Total Addressable Market (TAM), which is not yet reflected in the current low NAV or Book Value. Investors are pricing in this future dominance before the revenue fully hits the balance sheet.
5. Signal of Confidence
Despite the low dividend yield, the resumption of payouts is a strategic signal. It confirms management' s confidence in cash flow stability and indicates that the worst of the cyclical downturn has passed, and is confident enough in the 2026 outlook to return capital to shareholders.
6. Operating Leverage & Margins
As a high-tech manufacturer, AEM possesses significant operating leverage. Once fixed costs are covered, a recovery in sales volume leads to an exponential increase in net profit margins. Investors are buying in anticipation of this margin expansion.
7.Intagible Value
A low NAV relative to price suggests the market is valuing intellectual property and " moats" over physical assets. Investors are paying for AEM' s proprietary testing technology, which is not easily captured on a traditional balance sheet
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u forgot YZJ
MrBear12 ( Date: 25-Feb-2026 22:39) Posted:
certainly, and Seatrium - masters of the sea
tongphlp ( Date: 25-Feb-2026 18:55) Posted:
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